Petronas reforms bearing fruit


Good for them, bad for us little fish?

Dateline 2017-09-25, NST:

THE transformation measures put in place two years ago when the oil and gas industry took a downturn are beginning to show results for Petroliam Nasional Bhd (Petronas).

The national oil company has posted stronger cash position, low gearing and good credit ratings while reducing expenditure by five per cent.

More importantly, Petronas’ net profit more than doubled to RM17.3 billion in the first half of this year from RM6.4 billion a year ago.

This was on the back of RM108 billion revenue compared with RM94 billion in the same period last year.

In a recent interview with NST Business, president and group chief executive officer Tan Sri Wan Zulkiflee Wan Ariffin spoke about the challenges in doing what was right for the company after he took over the helm in April 2015. That was the period when oil prices slumped from US$114 (RM476) a barrel to US$28 a barrel.

He also delved into Petronas’ plans which include building the group’s digital and technological capabilities further, preparing a team of new leaders to ensure its future growth and investment into renewable energy.

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